ArcelorMittal sells 50% stake of its shipping business to DryLog
By MYBRANDBOOK
The largest steel maker, ArcelorMittal has inked a share purchase agreement with DryLog to sell its 50% stake in Global Chartering (GCL), the steel major’s wholly-owned shipping business.
With this fulfil its commitment to unlock up to $2 billion from its asset portfolio by the middle of 2021. This will also lead to a 50:50 shipping joint venture will be formed with DryLog. The asset divestment at the group level, announced by the company earlier this year, comes close on the heels of the conclusion of the $5.7 billion Essar Steel deal last week.
ArcelorMittal and Nippon Steel jointly acquired Essar Steel under the Insolvency and Bankruptcy Code (IBC). It is a joint venture between both the companies (AM/NS India). ArcelorMittal holds 60% in AM/NS India while the rest is with Nippon Steel. The two companies are financing AM/NS India through a combination of one-third partnership equity and two-thirds debt. The debt will be held by the joint venture.
ArcelorMittal’s equity contribution, however, works out to around $1.14 billion, which is likely to be the net debt at the group level. As of September 30, 2019, Arcelor’s net debt was $10.7 billion. It is committed to bringing it below $7 billion.
The stake sale will effect ArcelorMittal’s net debt by $530 million. In a statement issued by the company it is said that the figure will become $400 million on completion of the stake sell and a further $130 million will be due in early 2020. The DryLog transaction is expected to close before the end of 2019.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
SAMSUNG INDIA ELECTRONICS LTD.
QUICK HEAL TECHNOLOGIES PVT. LTD.
FIRE BOLTT
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
Icons Of India : Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla recently made a comeb...
SHAKTIKANTA DAS
Shaktikanta Das is serving as the current & 25th governor of the Reser...
PARTNER SPEAKERS
PSU
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
PFC - Power Finance Corporation Ltd
PFC is a leading financial institution in India specializing in power ...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
